Here’s Why 50 Cent Had to Incur Millions in Losses With The Sale of His Mansion
Whenever we read that a certain celebrity has bought a super-expensive that has more room than they will ever need, naturally our first instinct is to be envious of them.
Although it sounds like they are living the dream life, and perhaps for the most part that’s true, the sad reality is that even these very rich celebrities have to face problems in their everyday life, and 50 Cent seems like the perfect example to elaborate on this point.
Apparently, the rapper had been trying to sell his property in the Connecticut region for the past 12 years, and finally, the deal has been locked around 16 years after he had first purchased it back in 2003. That is a long waiting period, but understandable considering the size of the house significantly reduces the number of potential buyers in the market.
Incurring a Loss
One would expect 50 Cent to have at least made a profitable sale after having waited so many years to sell the house. However, in reality, the rapper has lost around $1 million compared to the price of around $4 million that he had paid when he made the original purchase.
When he had made the listing for the mansion in the real estate market, the asking price had been around $18.5 million. Shockingly, the sale has been made for a much lesser price of $2.9 million. The real question then becomes: why was the asking price so high and what made it fall so low?
A Remarkable Property
While we are used to seeing celebrities live in houses built over a few thousand square feet, 50 Cent’s property was constructed on a large piece of land, spanning over 50,000 sq. ft. in total. This does not include the vast spaces that make up the overall 17 acres of land.
The main house building has 19 lavish bedrooms and 25 bathrooms. To ensure that its residents have ample opportunities to remain fit and healthy, there is a full-sized basketball court installed within the house and also a well-equipped gymnasium. To refresh, an indoor pool as well as a hot tub (with a capacity of around 40 adults) can also be found in this house.
The house has a lot to offer in terms of entertainment value as well. Apart from the many game rooms that can be found around it, there is also a green-screen room and a home theatre system. To bust a few moves, even a nightclub has been built into the house. And, of course, since 50 Cent is a musician, a studio for recording is also a key feature.
The Original Purchase
According to reports, Mike Tyson was the owner of the house before 50 Cent became attracted to it due to its extravagance and he agreed to buy it for a price of $4.1 million. Unfortunately, others did not see the house to be worth even that much, and hence it has finally sold in the market at a much-reduced rate.
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